Reid drove a Porsche covered in Newcastle Knights, Newcastle Jets and Hunter Ports logos to second place in the Carrera Cup championship last year while Tinkler finished 23rd.

The team of three drivers will race a Porsche 997 GT3 in Class B against other Porsches and a Lamborghini.

The new year has started promisingly for Mr Tinkler, following a series of court actions last year to wind up companies that owed tax and debts to individuals and companies worth millions of dollars.

Three Tinkler-controlled companies settled debts with the Australian Tax Office in Brisbane two weeks ago while the Knights Members Club signed off on an audit that showed the magnate had met all the financial commitments that are a condition of his ownership of the football club.